The year covered by the latest accounts saw the British Red Cross respond to a number of major incidents on British soil, including the terror attacks in London Bridge and Manchester, and the Grenfell Tower disaster in west London.

The We Love Manchester Emergency Fund, which was set up in the wake of the Manchester arena bombing, raised £17.2m in restricted income for the charity, the accounts show.

Donations and legacies increased by £24.3m to £159.7m, although there was a 15 per cent fall in unrestricted income from donations, the accounts show.

Income from charitable activities also rose by £10.1m to £87.9m, the latest accounts reveal.

Despite the positive results, David Bernstein, chair of the British Red Cross, says in the report that the charity is working to ensure its financial model remains relevant in the years ahead.

"As the whole voluntary sector faces increasing pressure on funds in the coming years, we are aware that we must build a sustainable model for the future that maximises the impact we have for people in crisis," he says.

"We have work in progress to identify new income streams, attract a wider range of supporters and to ensure costs are managed effectively."